In our Sammy Rabbit Centsai Money Cents for Kids interview series we asked five personal finance experts from varying backgrounds if they could only teach a child one money habit, what would it be. Here are their responses.
DID YOU KNOW…
According to the 2015 Programme for International Student Assessment that evaluated financial literacy among thousands of 15-year-olds in 14 countries, that one in five American teens lack basic-level skills, more than in Russia, China or Poland.
Louis Barajas: Save Money
Louis Barajas is a CFP®, Wealth and Business Manager. He began his financial and small business career in his teens by helping his father and mother with their wrought iron business. He would interpret for them and do their taxes among many other job responsibilities. One of Louis childhood money memories is of his family saving change in a five-gallon water bottle. It left a permanent impression on him. Louis believes, “all wealth begins with saving money!”
The one money habit Louis would teach kids is to save money.
Ginny Gilder: Live Within Your Means
Ginny Gilder is co-owner of the WNBA Seattle Storm. She grew up with a money savvy father, Richard Gilder, Jr. The older Gilder founded the brokerage firm Gilder, Gagnon, Howe & Co. Ginny’s raised three children of her own. She knows a lot about personal finance from a variety of perspectives. Interestingly, her mother hammered home her most memorable money lesson.
The one money habit Ginny would teach kids is to live within their means.
Winnie Sun: Save Half of Everything You Earn
Winnie Sun is a CNBC Financial Advisor, Forbes Contributor and Founder of Sun Group Wealth Partners. She grew up the daughter of immigrant parents and credits them as being great financial role models who worked multiple jobs and made saving and education priorities. Winnie began learning lessons on her own about money as a seven-year-old entrepreneur selling avocados to neighbors.
The one money habit Winnie would teach kids is to save half of everything you earn.
DID YOU KNOW…
Teaching kids good financial habits can begin when children are around 5 years old. Source, Guide for Parents published by the National Endowment for Financial Education (NEFE), a nonprofit focused on financial literacy.
Jeffrey Hayzlett: Learn the Value of Hard Work
Jeffrey Hayzlett is Chairman of the C-Suite Network and the former Chief Marketing Officer at Eastman Kodak. He grew up as part of an Air Force Family who moved frequently and whose finances were very limited. Jeffrey recalls having a knack for sales as a child and working selling subscriptions, baseball tickets, or whatever he could to earn money to acquire a few items he really wanted his parents were unable to provide.
The one money habit Jeffrey would teach kids is to learn the value of hard work.
Gerri Walsh. Pay Yourself First
Gerri Walsh is the President of FINRA Investor Education Foundation. She was raised the daughter of Irish immigrants.
The one money habit Gerri would teach kids is to pay yourself first!
Who is your favorite personal finance expert?
Three of Sammy Rabbit’s favorite education related sayings are:
- Always be learning!
- Learn more and earn more!
- Reading is a great and life transforming habit!
If you want improve your knowledge on personal finance, one of the smartest and surest ways to do it is read. Read books. Read blogs. Read personal finance magazines and newspapers.
One of the first books on money my father had me read as a young teen was George Clason’s “The Richest Man in Babylon.” Since then I have been hooked.
If you are not a reader, no problem. You still have lots of options to increase and compound your money knowledge. You can watch videos, listen to podcasts, take classes or join a meetup group!
Resources on personal finance and money management are plentiful. They are super easy to access. Anyone can do it. And, you have lots of choices and voices to choose from.
And that leads me to our THIRD POLL QUESTION:
Who is your favorite personal finance expert? Are they new school? Or, are they old school? Or, is it someone we have not listed? VOTE NOW! Take and share Sammy’s poll!
Thank you. Have a Sammyriffic day!
- David Bach. The Automatic Millionaire
- Jean Chatzky. The Ten Commandments of Financial Happiness
- T. Harv Eker. Secrets of the Millionaire Mind
- Chris Hogan. Retired Inspired
- Clark Howard. Get Clark Smart
- Robert Kiyosaki. Rich Dad Poor Dad
- Suze Orman. The 9 Steps to Financial Freedom
- Dave Ramsay. The Total Money Makeover
- Anthony Tony Robbins. Money Master the Game
- Vicki Robin and Joe Dominguez. Your Money Or Your Life
- Ramit Sethi. I’ll Teach You To Be Rich
- Michelle Singletary. Spend Well Live Rich
- Kyle Taylor. The Penny Hoarder (Blog)
- Ali Velshi. How to Speak Money
- Larry Winget. You’re Broke Because You Want to Be
- Ginger Applegarth. The Money Diet
- David Chilton. The Wealth Barber
- David and Tom Gardner. The Motley Fool Investment Guide
- George Clason. The Richest Man in Babylon
- Napoleon Hill. Think and Grow Rich
- Benjamin Franklin. The Way to Wealth
- J. Paul Getty. How to Be Rich
- Andrew Tobias. The Only Investment Guide You’ll Ever Need
- Eric Tyson. Personal Finance for Dummies
- Wallace D. Wattles. The Science of Getting Rich